Conventionally, providing life insurance can be a time consuming process. The process may begin with a customer requesting and receiving a quote for a life insurance policy from a life insurance provider. Typically, a life insurance provider will need to make a compromise between providing a quote either quickly or accurately. If the life insurance provider wants to provide the quote quickly, a number of assumptions will be made about the customer so that the customer needs only to provide simple data such as their age and sex. In order to provide a desirable quote, a ‘best-case’ scenario for the customer's health and lifestyle factors is typically assumed to generate the quote. This can result in the final price of the life insurance product being much greater than the quote, as many customers do not satisfy the ‘best-case’ scenario. If the life insurance provider wants to provide an accurate quote, the customer will typically be required to answer many questions on their health and lifestyle. This can result in the customer losing interest in the life insurance quote and abandoning the process before all the questions are answered and a quote is provided.
If the quote provided by the life insurance provider is satisfactory to the customer, the customer may then apply for life insurance. Typically, the life insurance application process involves completing and submitting a life insurance policy application. Regulations for life insurance can differ across states for different insurance situations such as, for example, when a customer is replacing an existing life insurance policy or existing annuity contract that they own. This results in different states requiring differing information from the customer for the same life insurance product and situation. Typically the life insurance provider will determine the state the customer lives in and then mail the customer an application and other state-required documents that are specific to that state, in order to satisfy states laws and regulations. The application must be filled out and mailed back with the required information, which further delays the process of providing life insurance to the customer.
Accordingly, it is desirable to provide an improved system and method to provide life insurance.